Mumbai, Nov 13 (PTI) The benchmark Sensex plunged 984 points to close at its lowest level in over four months on Wednesday, following heavy selling of stocks in the banking, automotive and capital goods, amid retail inflation that hit a 14-month high in October and unabated foreign stocks. cash outflows.

The BSE Sensex slipped to 77,690.95, down 984.23 points or 1.25 percent, marking its second consecutive day of losses. During the day, it fell 1,141.88 points, or 1.45 percent, to 77,533.30.

Among the 30-stock Sensex pack, Mahindra & Mahindra, Tata Steel, Adani Ports, JSW Steel, IndusInd Bank, Reliance Industries, HDFC Bank and Kotak Mahindra Bank were the biggest laggards.

Tata Motors, NTPC, Hindustan Unilever, Asian Paints and Infosys were the winners.

“Incessant FII selling amid weak corporate profits and a sharp rise in domestic inflation to a 14-month high have further hit investor confidence, dashing hopes of a rate cut in the short term. term by the RBI”, Vinod Nair, head of research at Geojit. Financial Services, said.

Nair added that markets are nervous about future U.S. policy moves, including trade implications for the global economy, which are reflected in a stronger U.S. dollar and rising bond yields.

The latest data shows that retail inflation exceeded the Reserve Bank’s upper tolerance level, hitting a 14-month high of 6.21 percent in October, mainly due to rising product prices. food.

Foreign institutional investors (FIIs) dumped shares worth Rs 3,024.31 crore on Tuesday, according to stock exchange data.

Mid- and small-cap stocks were the worst hit, while the financial and automobile sectors also showed significant weakness. The BSE small-cap index fell by 3.08 per cent and that of midcaps by 2.56 per cent.

All sectoral indices ended lower. Real estate fell the most by 3.23 percent, followed by industrial products (2.95 percent), capital goods (2.72 percent), services (2.54 percent), metals (2.54 percent) and raw materials (2.45 percent).

A total of 3,299 stocks fell while 670 rose and 98 remained unchanged on BSE.

“Markets extended their corrective phase, falling by almost one and a half percent, continuing the existing downward trend,” said Ajit Mishra – Senior Vice President Research, Religare Broking Ltd.

In Asian markets, Seoul, Tokyo and Hong Kong recorded declines, while Shanghai finished in positive territory. European markets were trading higher.

American markets ended in negative territory on Tuesday.

Global benchmark Brent crude rose 0.93 percent to $72.56 a barrel.

The benchmark BSE index fell 820.97 points, or 1.03 per cent, to 78,675.18 on Tuesday. The Nifty lost 257.85 points or 1.07 percent to 23,883.45. PTI SUM MR MR

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